Bathurst Signs Letter of Intent to Purchase 100% of Peerless Mineral Claims in the Historic Bralorne Mining Camp

Bathurst Signs Letter of Intent to Purchase 100% of Peerless Mineral Claims in the Historic Bralorne Mining Camp

(TheNewswire)

Bathurst Metals Corp

Vancouver, British Columbia TheNewswire - November 17, 2022 Bathurst Metal Corp. (TSXV: BMV ) ( OTC:BMVVF) (" Bathurst " or the " Company ") Vancouver, British Columbia Bathurst Metals Corp. today announced it has entered into a binding letter of intent (" LOI ") with arm's length vendor BCT Holdings Corp (the " Vendor ") to acquire an undivided 100% interest in 12 mineral claims covering approximately 5,500 hectares located in the Bridge River Mining Camp of British Columbia.

About the Peerless Project

  • Located less than 20 kilometres from the historic Bralorne/Pioneer and King Gold Mines

  • Project's known gold/silver and base metal mineralization is similar to these mines in that the mesothermal, orogenic quartz-carbonate, structurally controlled veins are in close proximity to an ultramafic intrusive/ volcaniclastic-sedimentary contact.

  • Property contains three known showings, Alpha, Beta and Peerless with limited historical, systematic surface and underground exploration starting in the 1930's. The property lies at low altitude and has year-round road access

  • Historic drilling intercepted mineralization at the Alpha Zone such as: Hole 87-8, starting at 19.8 metres of 1.02 oz/tonne gold and 3.82 oz/tonne silver over a 3.47 metres core length . Zone remains open along strike and to depth.

  • Recent exploration work has defined an east-northeast trending, in soil multi-element (gold/silver/arsenic/ antimony/lead/zinc/bismuth/copper) anomaly over 2,500 x 750 metres and remains open in all directions.

Hardy Forzley, Bathurst's CEO states: "With this acquisition, Bathurst secures a significant mineral rights position in one of the most prospective areas of British Columbia associated with gold mineralization. The project has good access to year-round field work and represents an exceptional opportunity for the Company."

Terms of the Acquisition

The terms of the LOI provide for payment of CAD$500,000, issuance of 7,500,000 common shares of the Company, and funding by the Company of $2,700,000 in exploration expenditures, all over a period of four (4) years, as follows:

  1. a) Cash Payments :

Subject to TSXV approval, BMV will make the following cash option payments as follows:

Date

Amount

Cumulative

Three (03) months after Definitive Agreement Date*

$ 25,000

$ 25,000

06 months after Definitive Agreement Date

$ 25,000

$ 50,000

12 months after Definitive Agreement Date

$ 25,000

$ 75,000

18 months after Definitive Agreement Date

$ 50,000

$125,000

24 months after Definitive Agreement Date

$ 50,000

$175,000

30 months after Definitive Agreement Date

$ 50,000

$225.000

36 months after Definitive Agreement Date

$ 75,000

$300,000

42 months after Definitive Agreement Date

$100,000

$400,000

48 months after Definitive Agreement Date

$100,000

$500,000

Total

$500,000

  1. b) Share Issuances :

Subject to TSXV approval, BMV will issue the following common shares of BMV  as follows:

The shares issued will be subject to a four month hold period.

Date

Number

Cumulative

Seven (7) days after Definitive Agreement Date*

500,000

500,000

06 months after Definitive Agreement Date

500,000

1,000,000

12 months after Definitive Agreement Date

500,000

1,500,000

18 months after Definitive Agreement Date

500,000

2,000,000

30 months after Definitive Agreement Date

2,000,000

4,000,000

42 months after Definitive Agreement Date

3,500,000

7,500.000

Total

$7,500,000

  1. c) Exploration Expenditures (defined below)

Subject to TSXV approval, Bathurst will incur the following exploration expenditures on or in connection with the Peerless Property within:

Date

Amount

Cumulative

Twelve (12) months after Definitive Agreement Date*

$ 200,000

$   200,000

24 months after Definitive Agreement Date

$ 500,000

$   700,000

36 months after Definitive Agreement Date

$1,000,000

$1,700,000

18 months after Definitive Agreement Date

$1,000,000

$2,700,000

Total

$2,700,000

* "Definitive Agreement Date" shall mean the date upon which Bathurst and the Vendor enter into, execute and deliver a definitive Mineral Option Agreement on substantially the terms of this LOI, in a format commonly utilized for mineral option agreements of this nature in the mineral exploration industry.

d) NSR Royalty

Upon commencement of commercial production, Bathurst shall pay to the Vendor a royalty in an amount equal to a 2.5% of net smelter returns, subject to buy-back by Bathurst of 1.0% for $1,000,000.

Qualified Person

Lorne Warner, PGeo, is a qualified person as defined by National Instrument 43-101 and has reviewed

and approved the scientific and technical disclosure in this news release.  Mr. Warner is not independent of the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

"Harold Forzley"

CEO

Bathurst Metals Corp.

For more information contact Harold Forzley

info@bathurstmetalscorp.com

Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Certain of the statements made and information contained herein may contain forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.

Copyright (c) 2022 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

BMV:CA
The Conversation (0)
Bathurst Metals Announces Peerless Claims Option

Bathurst Metals Announces Peerless Claims Option

(TheNewswire)

Bathurst Metals Corp

Vancouver, B.C. February 2, 2023 Bathurst Metals Corp. ("Bathurst" or the "Company") ( TSXV:BMV ) ( OTC:BMVVD ) is pleased to announce it has entered into a definitive Option Agreement with arm's length vendor BCT Holdings Corp . ("BCT") to acquire an undivided 100% interest in 12 mineral claims known as the "Peerless Property".  The Company previously entered into a letter of intent with BCT, the terms of which were announced on November 17, 2022.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
BATHURST METALS Announces Closing of Financing

BATHURST METALS Announces Closing of Financing

(TheNewswire)

Bathurst Metals Corp

Vancouver, British Columbia TheNewswire - November 24, 2021 Bathurst Metals Corp. (" Bathurst " or the " Company ") (TSXV:BMV) (OTC:BMVVD) is pleased to announce it has closed its previously announced private placement.   The Company issued 1,600,000 units (the " Units ") of securities at a price of $0.10 per Unit for aggregate gross proceeds of $160,000.00 (the " Offering ").  Each Unit consists of one (1) common share and one (1) non-transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.20 for one year.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
BATHURST METALS Announces Financing

BATHURST METALS Announces Financing

(TheNewswire)

Bathurst Metals Corp

Vancouver, British Columbia TheNewswire - N ovember 3, 2021 Bathurst Metals Corp. (" Bathurst " or the " Company ") (TSXV:BMV) (OTC:MBVVF) is pleased to announce the following undertakings to provide working capital.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Bathurst Metals Corp. Announces Share Consolidation

Bathurst Metals Corp. Announces Share Consolidation

(TheNewswire)

Bathurst Metals Corp

October 27, 2022 TheNewswire Vancouver, British Columbia - Bathurst Metals Corp. ( the "Company") (TSXV:BMV) (OTC:BMVVF) announces that the Company will be completing a share consolidation on the basis of one (1) post-consolidation common share for every Two and one half (2.5) pre-consolidation common shares (the "Consolidation").

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Press Release

Press Release

(TheNewswire)

Bathurst Metals Corp

Vancouver, British Columbia TheNewswire - October 6, 2022 Bathurst Metal Corp. ( TSXV: BMV) (OTC:BMVVF) (" Bathurst " or the " Company ") is pleased to announce the agreement with Nunavut Tunngavik Incorporated to obtain a 100% interest in the minerals within, upon or under Inuit Owned Mineral Title Lands parcel CO-62 comprising approximately 10,433 hectares. The property is immediately to the north of the Company's 100% owned Speers Lake property and is approximately 100 km south of Kugluktuk in Nunavut. The Mineral Exploration Agreement includes the Inuit Owned Lands Mineral Production Lease, which sets out the details of a 12% net profits royalty. In determining the net profits, the available deductions which can be deducted from gross revenues in each year are limited to 70% of gross revenues.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Steppe Gold Announces Q1 2024 Financial Results

Steppe Gold Announces Q1 2024 Financial Results

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the quarter ended March 31, 2024.

HIGHLIGHTS

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Element79 Gold Corp Welcomes the Successful IPO of Sun Silver Ltd.

Element79 Gold Corp Welcomes the Successful IPO of Sun Silver Ltd.

(TheNewswire)

Element79 Gold Corp.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Steppe Gold Announces Mailing and Filing of Annual General and Special Meeting Materials in Connection with Proposed Transaction with Boroo Gold and Boroo Singapore

Steppe Gold Announces Mailing and Filing of Annual General and Special Meeting Materials in Connection with Proposed Transaction with Boroo Gold and Boroo Singapore

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold") is pleased to announce that it has filed with the applicable Canadian securities regulatory authorities the management information circular dated May 8, 2024 and related meeting materials of Steppe Gold (the "Meeting Materials") for use at the annual general and special meeting (the "Meeting") of Steppe Gold shareholders (the "Shareholders") to be held in connection with the proposed transaction with Boroo Gold LLC ("Boroo Gold") and Boroo Pte Ltd. ("Boroo Singapore"), or one of its affiliates, as previously announced on April 11, 2024 (the "Transaction"). Steppe Gold has also mailed copies of the Meeting Materials to Shareholders entitled to vote on the Transaction at the Meeting.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GOLD ROYALTY REPORTS FIRST QUARTER 2024 RESULTS; RECORD REVENUE DRIVES POSITIVE OPERATING CASH FLOW

GOLD ROYALTY REPORTS FIRST QUARTER 2024 RESULTS; RECORD REVENUE DRIVES POSITIVE OPERATING CASH FLOW

Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for the three months ended March 31, 2024 . All amounts are expressed in U.S. dollars unless otherwise noted.

David Garofalo , Chairman and CEO of Gold Royalty, commented: "We are proud to have delivered on another growth milestone in the first quarter, generating positive operating cash flow for the first time. Our recent acquisitions, royalty generator model, and existing flagship royalties fueled our record revenue this quarter. We also continued to lower our cost profile compared to the prior year. With the gold price near all-time highs and the ramp up of the Côté Gold Mine in the second half of 2024, we expect to see continued royalty revenue growth through the remainder of the year.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Element79 Gold Corp Appoints Warren Levy to Advisory Board

Element79 Gold Corp Appoints Warren Levy to Advisory Board

(TheNewswire)

Element79 Gold Corp.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Horizon Minerals Limited  Binding 200KT Toll Milling Agreement Executed with FMR

Horizon Minerals Limited Binding 200KT Toll Milling Agreement Executed with FMR

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to announce that it has entered into a binding Toll Milling Agreement ("TMA") with FMR Investments Pty Ltd ("FMR") to treat 200kt of Horizon ore from the Cannon underground project, or other deposit, commencing in the December 2024 Quarter.

HIGHLIGHTS

- Binding TMA has been executed with FMR, which owns the Greenfields Mill located northeast of Coolgardie and 30km southwest of Kalgoorlie-Boulder in WA

- Horizon will arrange contract mining and hauling of ore from Cannon for ore processing at FMR's 1.0Mtpa Greenfields Mill, located ~67km by road from the Cannon Project

- An agreed 200kt of ore will be processed over a period of eight months, commencing in the December 2024 Quarter

- The TMA contains competitive ore treatment rates with the payment structure as follows:

o Horizon is responsible for delivery of each stockpile to the Greenfields Mill ROM near Coolgardie

o Payment of processing costs must be made before the value of the processed and refined gold at the Perth Mint is transferred from FMR's metal account to Horizon

o If the delivery schedule is missed Horizon will forfeit its allocated tonnes for that month and from the overall 200kt allocation

- An Ore Reserve for Cannon has already been established including forecast economics for the ore to be processed via a Toll Milling Agreement

- Cannon is fully environmentally permitted (with last mining in 2017) with pre-production activities are already underway, including dewatering of the open pit in preparation for underground mining

- The TMA has flexibility that Horizon can treat Horizon ore other than Cannon, including Horizon's own current resources or those acquired through the proposed merger with Greenstone Resources Limited, provided sufficient notice is provided to FMR

Commenting on the toll milling agreement, Chief Executive Officer Mr Grant Haywood said:

"We are very pleased to have converted our 200,000 tonne allocation with FMR into a formal Toll Milling Agreement, and look forward to working closely with them as ore deliveries will commence later this calendar year. This agreement is in addition to our 1.4Mt ore sale agreement with Paddington announced a week ago. Together this will see us generating cash flow from two fronts in this fantastic gold price environment before the end of 2024."

Next Steps

- AMC Consultants has been engaged and undertaken a review of the Cannon Ore Reserve and will progress the revised key financial outcomes for the June 2024 Quarter

- Finalise engagement with underground mining and haulage contractors to finalise tenders for Cannon

- Complete the proposed merger with Greenstone Resources to enhance the long-term production profile with development ready high-grade projects

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/WUABZYMW



About Horizon Minerals Limited:

Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×